The effect of the worst drought in more than two decades is being compounded by the rand’s 19 percent plunge against the dollar this year to a record, boosting the cost of imports of corn, a staple food in the country that’s also used in animal feed. Food inflation is set to accelerate to above 10 percent by the middle of next year, more than double the current pace, according to forecasts from Stanlib Asset Management Ltd. and Macquarie Group Ltd. “South Africa is facing a convergence of factors on food — global food pressure, currency and the domestic drought — you’ll see that become much more evident when you start importing more,” Kevin Lings, the chief economist at Stanlib in Johannesburg, said by phone.
Read the full article by here: Johannesburg, South Africa News
Submit and get free press releases here: MyPR Free Press Release.
Click HERE to submit your Johannesburg or Gauteng Press Release.
Read more on: MyJHB
Read more on MyJHB.
Join the fun: Add Your event | Submit a Press Release | Add your listing.
